Project BioShield Material Threats Act of 2007

Project Bioshield Material Threats Act of 2007 - Amends the Public Health Service Act to require the Secretary of Homeland Security (the Secretary) to utilize existing risk assessments to assess current and emerging threats of chemical, biological, radiological, and nuclear agents and determine which of such agents present a material threat against the U.S. population sufficient to affect national security. Requires the Secretary to group such assessments to facilitate assessments by the Secretary of Health and Human Services on the availability and appropriateness of specific countermeasures to address more than one such agent or address adverse health consequences that are common to exposure to different agents. Requires the Secretary to complete assessments by December 31, 2007, for those agents known to the Secretary by the date of enactment of this Act that are capable of significantly affecting national security and to submit the results to Congress.

Amends the Homeland Security Act of 2002 to reauthorize appropriations through FY2009 for the Secretary to carry out such terror threat assessments. Authorizes additional appropriations to enable the Secretary to meet the deadlines established under this Act.